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    Luke Horton • Northland Capital Markets

    Luke Horton's questions to Similarweb Ltd (SMWB) leadership

    Luke Horton's questions to Similarweb Ltd (SMWB) leadership • Q2 2025

    Question

    Luke Horton of Northland Capital Markets questioned the pricing strategy for data licensing contracts, the expected future revenue mix from this stream, and the balance between new AI product development and sales execution.

    Answer

    Co-Founder & CEO Or Offer stated that data licensing deals are large, typically starting in the seven-figure range, with significant expansion potential. He noted strong demand across all three AI offerings, not just data licensing. Offer also explained that the strategy is combined, with AI agents being integrated into existing solutions to increase stickiness and value.

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    Luke Horton's questions to American Public Education Inc (APEI) leadership

    Luke Horton's questions to American Public Education Inc (APEI) leadership • Q2 2025

    Question

    Luke Horton of Northland Capital Markets sought clarification on the full-year revenue guidance, asking if maintaining it despite the Graduate School USA divestiture constituted an effective guidance raise for the core business. He also asked for an update on the institutional consolidation timeline and its expected impact on marketing strategy.

    Answer

    CEO Angela Selden confirmed that maintaining revenue guidance while excluding five months of Graduate School revenue is effectively an increase for the core business. Regarding consolidation, she stated they are awaiting a final timeline from the Department of Education. The new structure will enable broader marketing through a system-level landing page while retaining local brands like Rasmussen and Hondros for targeted marketing. CFO Richard Sunderland added that while marketing is a shared service, lead sharing will be a new benefit.

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    Luke Horton's questions to SEMrush Holdings Inc (SEMR) leadership

    Luke Horton's questions to SEMrush Holdings Inc (SEMR) leadership • Q2 2025

    Question

    Luke Horton inquired about the new AI and Enterprise product pipeline, specifically asking for the mix of existing versus new customers driving the growth to a projected $50M ARR. He also asked for an update on the competitive landscape and any notable geographic performance trends.

    Answer

    CEO Bill Wagner stated that the enterprise customer mix remains consistent with the previous quarter, with approximately 60% being upgrades and 40% new customers. He confirmed no significant changes in the competitive landscape. Wagner also noted that the geographic revenue split remains stable at roughly 50/50 between the U.S. and the rest of the world.

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    Luke Horton's questions to Lendingtree Inc (TREE) leadership

    Luke Horton's questions to Lendingtree Inc (TREE) leadership • Q2 2025

    Question

    Luke Horton asked for details on the assumptions and segment-level trends behind the company's raised financial guidance, including any macro factors and performance in July.

    Answer

    CFO Jason Bengel provided a segment-by-segment breakdown of the updated outlook. The guidance assumes no change in interest rates. Key drivers include continued strength in home equity, stable performance in the consumer segment with encouraging signs from lenders, and a significant expected step-up in the insurance business in Q3, a trend already visible in July's results. Overall expenses are expected to remain consistent with Q2 levels.

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